SVB Financial $2.25 billion concurrent offerings of notes and preferred stock

Davis Polk advised the sole book-running manager and representative of the several underwriters, in connection with the concurrent SEC-registered offerings by SVB Financial Group of $650 million aggregate principal amount of the company’s 1.800% senior notes due 2026, 1,000,000 depositary shares, each representing a 1/100th ownership interest in a share of its Series D non-cumulative perpetual preferred stock, par value $0.001 per share, with a liquidation preference of $1,000 per depositary share (equivalent to $100,000 per share of Series D preferred stock) and 600,000 depositary shares, each representing a 1/100th ownership interest in a share of its Series E non-cumulative perpetual preferred stock, par value $0.001 per share, with a liquidation preference of $1,000 per depositary share (equivalent to $100,000 per share of Series E preferred stock). The gross proceeds from the offerings totaled $2.25 billion.

Based in Santa Clara, California, SVB Financial Group is a diversified financial services company, as well as a bank holding company and a financial holding company offering a diverse set of banking and financial products and services to clients across the United States, as well as in key international innovation markets.

The Davis Polk capital markets team included partner Alan F. Denenberg, counsel Jeffrey Gould and associate Paula Gergen. Partner Pritesh P. Shah and associate Yana Kipnis provided intellectual property advice. Counsel Daniel E. Newman and associate Russell Quarles provided regulatory advice. The tax team included partner Michael Farber and associate Eitan Ulmer. Members of the Davis Polk team are based in the Northern California and New York offices.